Bryant Construction Company began operations in 2011 and changed from the completed-contract to the percentage-of-completion method of
Question:
Bryant Construction Company began operations in 2011 and changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2012. For tax purposes, the company employs the completed- contract method and will continue this approach in the future. The appropriate information related to this change is as follows.
Instructions
(a) Assuming that the tax rate is 40%, what is the amount of net income that would be reported in 2012?
(b) What entry(ies) are necessary to adjust the accounting records for the change in accounting principle?
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a To determine the net income that would be reported in 2012 we need to calculate the income tax exp...View the full answer
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